Baird Maintains a 'Neutral' on Biogen (BIIB); CONFIRM Hits; BG12 Approvable; Commercial Uptake the Next Question
Tweet
Share
E-mailGet Alerts BIIB Hot Sheet
Price: $209.83 -0.39%
Rating Summary:
28 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
28 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Baird maintains a 'Neutral' on Biogen (NASDAQ: BIIB) price target of $108.00.
Baird analyst says, "Remain Neutral-rated but raising price target to $108 after BIIB released positive top-line BG12 data from the CONFIRM study. While we expected BG12 to hit in CONFIRM, we view the sizable Copaxone beat on ARR reduction as incrementally positive. However, with some questions still unanswered, and a difficult oral-MS comp in Gilenya awaiting BG12's arrival in the market, we think a favorable commercial launch is already priced-in."
"Bottom-line, BG-12 approvability CONFIRMed, but commercial outlook less clear. With Gilenya firing on all cylinders ($59M, $79M, and $153M for Q111-Q311), and better efficacy data (52% ARR reduction vs Avonex in TRANSFORMS, 54% ARR reduction vs placebo in FREEDOMS), we worry that BG12 could disappoint more bullish revenue projections."
For more ratings news on Biogen click here and for the rating history of Biogen click here.
Shares of Biogen closed at $106.87 yesterday.
Baird analyst says, "Remain Neutral-rated but raising price target to $108 after BIIB released positive top-line BG12 data from the CONFIRM study. While we expected BG12 to hit in CONFIRM, we view the sizable Copaxone beat on ARR reduction as incrementally positive. However, with some questions still unanswered, and a difficult oral-MS comp in Gilenya awaiting BG12's arrival in the market, we think a favorable commercial launch is already priced-in."
"Bottom-line, BG-12 approvability CONFIRMed, but commercial outlook less clear. With Gilenya firing on all cylinders ($59M, $79M, and $153M for Q111-Q311), and better efficacy data (52% ARR reduction vs Avonex in TRANSFORMS, 54% ARR reduction vs placebo in FREEDOMS), we worry that BG12 could disappoint more bullish revenue projections."
For more ratings news on Biogen click here and for the rating history of Biogen click here.
Shares of Biogen closed at $106.87 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wolfe Research Upgrades Biogen (BIIB) to Outperform
- Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy
- UBS Reiterates Buy Rating on HF Sinclair (DINO)
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Robert W BairdSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
